With new home construction remaining steady throughout last year and despite economic uncertainties caused by a variety of factors, home prices are finally starting to calm down. If this trend continues, which experts predict they will, 2017 is the best time in years to purchase a home in Australia.
If finally owning your own home is something you want to add to your upcoming 2017 resolutions, then you picked a good year. According to HSBC, Australian house price growth will finally cool in 2017. Combine that with the cheapest home loans from Newcastle Permanent or your mortgage provider of choice and that house shall soon be yours.
Here are a couple of tips to achieve your home ownership dreams in 2017.
Find the right realtor to assist you. While all realtors have the same access to the database of homes, don’t let it fool you into thinking all Realtors are created equal. To acquire the home you want, where you want it, you need to enlist the assistance of someone who understands your needs, wants and budget, someone who specializes in the area where you want to purchase a home. Your realtor should also be recommended by previous clients and have a good track record of working with both sellers and buyers.
Choose a lender carefully. Most first-time homebuyers don’t start the process of securing a home loan until after finding a home they want, leaving little time to shop around. Before you begin looking for a home, take the time to research and choose a lender who will put your best interest first. The loan officer should be able to explain the home loan process comprehensively as well as answer any of your questions.
Rather than providing a one-size-fits-all loan package, you should expect the lender to present you with all the loan programs available to you and explain the pros and cons of each option.
Be flexible. While it’s safe to assume that a lender will provide a list of necessary documents up-front, your lender may also need more documents from you throughout the loan process. Therefore, it’s a great idea to prepare all the required documents for your lender so he can process the loan as fast as possible. Incomplete documentation can put the loan process to a halt.
Be available. The average buyer can take weeks and even months to find the right home and execute a contract for it, with the average home loan taking about 30 days to close from start to finish. Because the home buying and loan processes are dynamic and highly interactive, the realtor or lender may request a meeting with you periodically, so make sure to be available by phone or email at all times.
Some potential buyers hesitate to set themselves the idea of a new home simply because they assume that they won’t qualify for a loan, when in fact, there are many options out there as well as lending institutions that you can utilize to achieve your home ownership goal. The cheapest home loans from NPBS, for instance, is a good choice whether you want a variable or fixed rate home loan, a credit facility or the freedom to split your loan.
That’s it! Remember, the key is tenacity – your commitment to finally have a place to call your own. And while some resolutions aren’t achieved (most, in fact), make sure your home ownership is. Good luck!